77% of Indian businesses are to increase travel budget in 2023

With business travel across domestic and international markets showing a rebound post pandemic, majority of Indian businesses (67 per cent) expect a rise in business travel in 2023 and 77 per cent of businesses are expecting to increase their travel budget in 2023 as compared to 2022. These findings were revealed in the business travel and entertainment (T&E) survey report titled ‘Revival of business travel: An India perspective’ commissioned by American Express, India with the Centre for Economics and Business Research (Cebr). The report further indicates that 79 per cent of Indian businesses surveyed use business travel data analytics to assist with travel booking and expenditure, showing how important technology has become for the travel sector. As with the broader technology sector, the travel technology sector is constantly innovating. In the post-pandemic period, 43 per cent of financial decision makers surveyed said that the use of better software to manage expenses and travel is a key innovation. Manish Kapoor, Vice President and Head, Global Commercial Services (GCS), American Express Banking Corp, India said: “The sentiment is upbeat for corporate travel in India. While the past two years resulted in a temporary decline in business travel, domestic travel has resumed, and almost surpassed pre-pandemic level. International travel is also picking up and we can expect a sustained recovery. With increased average ticket prices expected to remain high in the medium term, Indian companies will be exploring technologies, and should adopt smarter solutions for better cost efficiencies.” In terms of the practical methods used to pay for travel expenses, the most common way, used by two thirds of companies (66 per cent), is that the business has company accounts with third party booking systems. However, most businesses reported using multiple methods, with 61 per cent saying they let employees pay and expense, and 57 per cent saying they provid